Suppose there are three buyers interested in an object that is being put up for auction. The buyers are Ann, Benny, and Chun; suppose the valuations are , , and , respectively. Each buyer knows that the valuations for the good are independent and drawn from a uniform distribution between 0 and 1. a. Describe the optimal bidding strategies in an English Auction. What is the outcome of the auction? Why is the expected result of the second-price sealed-bud auction identical? b. What is the Equilibrium bidding strategy of the first-price sealed-bid auction? Why is this identical to the Dutch auction